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Chicago wheat futures rose more than 3 percent on Monday, posting their biggest daily gain since October as investors cut a portion of a record-large speculative short position. Corn and soybeans also rose to multi-month highs on fund buying and South American weather problems.
Heavy rain in the southern U.S. Plains and flooding in Texas were mostly beneficial for developing wheat.
Short-covering by funds with a record net short drives sharp price gains that may fade once the position is reduced. Wheat is a feed ingredient, so buyers may face higher costs in the short term.
agweek.comMichael Hirtzer, ReutersApr 18, 2016Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
